| Thu 17 Jul 2003, 16:18 | | REPURCHASE OF ORDINARY SHARES |
|
MONEYWEB HOLDINGS LIMITED -
MONEYWEB HOLDINGS LIMITED
(Registration No:1998/025067/06)
Share code:MNY ISIN:ZAE000025409
("Moneyweb" or "the Company")
REPURCHASE OF ORDINARY SHARES IN MONEYWEB IN TERMS OF A GENERAL AUTHORITY
1. INTRODUCTION
Moneyweb has, in accordance with the general authority obtained at the annual
general meeting of shareholders held on 21 October 2002 ("the general
authority"), cumulatively repurchased 3.91% of its issued ordinary share capital
on the JSE Securities Exchange South Africa ("the JSE") ("the repurchase").
2. DETAILS OF THE REPURCHASE
The details of the repurchase between 23 June 2003 and 16 July 2003 (both dates
inclusive) are as follows:
Number of ordinary shares repurchased 3 326 806
Highest price paid per ordinary share purchased 30 cents
Lowest price paid per ordinary share purchased 29 cents
Total value of ordinary shares repurchased R 997 592
Number of ordinary shares which may still be
repurchased by Moneyweb in terms of the
general authority 13 673 194
Percentage of ordinary shares which may still
be repurchased by the Company in terms of the
general authority 16.1%
3. SOURCE OF FUNDS
The repurchase was implemented using existing cash resources of Moneyweb and the
value of the shares repurchased will be set off against share capital and share
premium respectively.
4. DIRECTORS" OPINION
The directors of Moneyweb have considered the impact of the repurchase and are
of the unanimous opinion that for a period of twelve months from the date of
this announcement:
* the Company and the group will be able, in the ordinary course of business, to
pay their debts as they become due;
* the assets of the Company and the group, fairly valued in accordance with
South African Statements of Generally Accepted Accounting Practice, will be in
excess of the liabilities of the Company and the group;
* the working capital resources of the Company and the group will be adequate
for its current and foreseeable future business requirements; and
* the issued share capital and/or reserves are adequate for the purposes of the
business of the Company and the group for the foreseeable future.
5. FINANCIAL EFFECTS OF THE REPURCHASE
The table below sets out, for illustrative purposes only, the pro forma
financial effects of the repurchase on Moneyweb"s net loss, headline earnings,
net asset value and net tangible asset value per share, based on the audited
Annual Financial Statements for the year ended 31 March 2003.
Pro-forma %
Before(1) After(4) Change
Loss per share (2) (cents) -16,0 -16,7 -4,4
Headline earnings per share (2) (cents) 1,9 1,9 -
Net asset value per share (3) (cents) 50,4 51,3 1,8
Net tangible asset value
per share (3) (cents) 10,9 10,2 -6,4
Weighted and closing number
of shares in issue (`000) 85 000 81 673 -3.91
The pro forma financial effects have been calculated based on the following
assumptions:(1)the information in the "Before" column was extracted from the
audited Annual Financial Statements for the year ended 31 March 2003;
(2)the calculation of the pro forma loss per share and headline earnings per
share in the "After" column, assumes that the repurchase was effected on 1 April
2002 and interest of R81 782 (after taxation),(calculated at an after tax rate
of 8.2%), on the cash resources utilised for the repurchase has been excluded
from the pro forma earnings;
(3)the effect on net tangible asset value and net asset value assumes that the
repurchase was implemented on 31 March 2003.
(4)The 3 326 806 shares repurchased are being held as treasury stock by a wholly
owned subsidiary of Moneyweb and are accordingly excluded from the "After"
calculation.
6. LISTING ON THE JSE
The shares that have been repurchased will accordingly not be cancelled and no
application will be made to the JSE for the termination of the listing thereof.
Rosebank
17 July 2003
Sponsor
LPC Manhattan Sponsors
Date: 17/07/2003 03:41:32 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
